The Nigeria Customs Service has recorded an impressive 122.35percent growth in revenue collection for the first quarter ended March 2024.
While the total revenue collected during the period stand at NGN 1,347,675,608,972.75, the figure represents a substantial increase of 122.35% over and above the sum of NGN606,119,935,146.67 collected during the corresponding period of 2023.
The Comptroller General Of Customs, Bashir Adewale Adeniyi who disclosed this at a press briefing in Abuja Wednesday, further note that going by monthly aggregate collection, the service achieved 18.6percent.
According to a statement made available by the Customs National Public Relations Officer, CSC Abdullahi Maiwada, the CGC explained that the scorecard is significant when compared to the 2024 revenue target of NGN5.07trillion given to the service, which translates to a monthly revenue target of NGN423billion.
He said, “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to NGN 1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where NGN606,119,935,146.67.
“When compared to the Federal government’s annual revenue target ofNGN5.07trillion for the NCS to collect in 2024, the target ranslates to a monthly revenue target of NGN423billion.We are pleased to report an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to NGN78,675,608,972.75 over the set quarterly target of NGN1.269 trillion.”
On anti-smuggling activities the CGC the NCS recorded a total of 572 seizures, which comprise of assortments of items with a Duty Paid Value (DPV) of NGN 10,593,099,654.50.
The customs helmsman explained that much of what was achieved is attributable to it’s the service corporate strategic partnership and engagement with stakeholders; he notes that officers and men of the service also demonstrated resilience, professionalism and satisfactory focus.
He said, “A myriad of deliberate factors have contributed to the successes around NCS key performance indicators. It is important to acknowledge the dedication and efforts of the officers and men of NCS who have worked tirelessly and around the clock to ensure consistent and upward momentum. NCS officers have played a key role in driving the implementation of initiatives, as evidenced by performance across the three core statutory responsibilities set by the government. Among these initiatives is the introduction of the E-auction generating a total revenue of NGN1.6 billion in February and March.
“Additionally, the government’s decision to reopen the Northern Borderswith Niger Republic holds significant importance. This action is expected to boost trading activities in those areas. With potential smugglers now reconsidering the legitimacy of trading through approved routes, this decision stands as a pivotal move.
“NCS is unequivocally committed to supporting the actualization of the 8-point agenda of the President Tinubu-led administration. This commitment is demonstrated through both direct and indirect contributions to key areas such as economic growth, improved security, upholding the rule of law, and fighting corruption.”
Adeniyi also explained that the NCS will continue to partner the federal government in providing critical link towards bridging food and national security.
“Moving forward, the NCS is actively implementing various measures to address these challenges. One notable initiative is the integration of geospatial technology alongside the utilization of satellite imagery and artificial intelligence tools and techniques. These efforts were initiated upon assuming office to combat the longstanding issue of smuggling and enhance the NCS’s enforcement capabilities for effective monitoring of our extensive 4,000kmborders. Additionally, this initiative will establish a command and control center to monitor activities along our borders comprehensively.
“Earlier this year, the NCS launched an extensive Time Release Study (TRS) with significant participation from the Federal Ministry of Finance and the Ministry of Marine and Blue Economy, further grace by the presence of the Honourable Minister of Industry Trade and Investment. The TRS aims to identify bottlenecks in the clearance process, to enable the implementation of measures to promote transparency and commitment among key stakeholders and enhance trade facilitation.NCS reaffirms its dedication to publishing the TRS report to foster transparency and address the current challenges hindering trade facilitation.
“The NCS recently concluded a stakeholder engagement, marking a critical step towards achieving the Authorized Economic Operators (AEO) program, set to be launched by mid-April. This initiative, endorsed by the World Customs Organization (WCO),recognizes businesses involved in international trade that demonstrate strong compliance with customs regulations and security standards.”
On export, he said engagements are ongoing with critical stakeholders to raise the efficiency level of the nation’s non oil export market.
“The NCS initiated discussions with the leadership ofthe Nigeria Export Promotion Council (NEPC) in the First Quarter to explore avenues for sustaining the positive growth in export transactions. A dedicated technical committee has been established to address specific areas of concern and enhance export facilitation.
“This proactive measure aligns with the President’s agenda to promote export trade, diversify the economy, and generate foreign exchange from non-oil exports. Furthermore, it aims to prepare Nigeria for the commencement of the African Continental Free Trade Area (AfCFTA) on 30April, 2024, through guided trade initiatives.
“The NCS remains committed to fulfilling its obligations to ensure the success of these initiatives and contribute to the nation’s economic development and integration into the global market.
Source/UO
